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Author : Bjørn-Roger Wilhelmsen
Release : 2005
Genre :
Kind : eBook
Book Rating : 133/5 ( reviews)
Book Synopsis Monetary Policy Predictability in the Euro Area by : Bjørn-Roger Wilhelmsen
Download or read book Monetary Policy Predictability in the Euro Area written by Bjørn-Roger Wilhelmsen. This book was released on 2005. Available in PDF, EPUB and Kindle. Book excerpt:
Author : International Monetary Fund
Release : 2002-10-29
Genre : Business & Economics
Kind : eBook
Book Rating : 981/5 ( reviews)
Book Synopsis Monetary and Exchange Rate Policies of the Euro Area by : International Monetary Fund
Download or read book Monetary and Exchange Rate Policies of the Euro Area written by International Monetary Fund. This book was released on 2002-10-29. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines monetary and exchange rate policies of the euro area. The paper reviews the European Central Bank’s definition of price stability, and examines the factors determining “the optimal rate of inflation” in the euro area. It reviews the benefits of price stability, including the reduction in the distortions of savings and investment behavior that stem from the interaction between nominal tax systems and inflation. It then goes on to evaluate arguments for maintaining a small positive inflation rate in the context of the euro area.
Author : International Monetary Fund. European Dept.
Release : 2023-07-19
Genre : Business & Economics
Kind : eBook
Book Rating : /5 ( reviews)
Book Synopsis Euro Area Policies by : International Monetary Fund. European Dept.
Download or read book Euro Area Policies written by International Monetary Fund. European Dept.. This book was released on 2023-07-19. Available in PDF, EPUB and Kindle. Book excerpt: Euro Area Policies: Selected Issues
Author : Mr.Martin Cihak
Release : 2008-10-01
Genre : Business & Economics
Kind : eBook
Book Rating : 104/5 ( reviews)
Book Synopsis Writing Clearly by : Mr.Martin Cihak
Download or read book Writing Clearly written by Mr.Martin Cihak. This book was released on 2008-10-01. Available in PDF, EPUB and Kindle. Book excerpt: The paper presents a methodology for measuring the clarity of central bank communication, illustrating it with the case of the European Central Bank (ECB) in 1999-2007. The analysis identifies the ECB's written communication as clear about 95 percent of instances, which is comparable to, or even better than, other central banks for which a similar analysis is available. We also find that the additional information contained in the ECB's Monthly Bulletins helps to improve communication clarity compared to ECB's press releases. In particular, the Bulletins contain useful clarifying information on individual inflation factors and the overall forecast risk; in contrast, the bulletin's communication on monetary shocks has a negative, albeit small, impact on clarity.
Author : Lars Protze
Release : 2008-08
Genre : Business & Economics
Kind : eBook
Book Rating : 909/5 ( reviews)
Book Synopsis Zero Lower Bound and Monetary Policy in the Euro Area by : Lars Protze
Download or read book Zero Lower Bound and Monetary Policy in the Euro Area written by Lars Protze. This book was released on 2008-08. Available in PDF, EPUB and Kindle. Book excerpt: Central banks around the world try to influence economic activity by altering nominal interest rates which will have an effect on the real rate. However, this is only possible as long as interest rates are above zero. The case of Japan showed that monetary policy was helpless as nominal rates approached zero. This Book starts with an overview of monetary policy with the restriction that interest rates can not fall below zero. Then optimal monetary policy in a low inflation environment is treated. This is done by using a New Keynesian model with sticky prices. Therefore the model and the necessary optimality conditions will be derived (this will be done extensively in the appendix). After deriving the optimality conditions it will be shown how optimal monetary policy will be conducted. To evaluate the outcome of monetary policy a welfare function will be derived. It will be shown how the welfare function to evaluate the outcome of monetary policy is derived from the utility function of the household. As a result it will be shown that a price level target is welfare maximizing although most central banks nowadays use an inflation target instead. Reasons for an inflation target will be shown in the discussion of the model. The second part of the book describes the inflation dynamics in the euro area to see what monetary authority shall do to prevent the economy from falling into the vicious circle of deflation. Two wage contracting models that describe inflation dynamics in the euro area reasonably well will be explained, the Fuhrer-Moore und the Taylor contracting. After showing the optimal policy it will be discussed how severe the zero bound in the euro area is and what policy alternatives are left when monetary policy is restricted. Finally the results obtained will be discussed to see the pitfalls of price level targeting. The large appendix provides the complete derivation of the model and the optimality conditions.
